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Press Releases & Pennichuck in the News Archives
For
Immediate Release: Contact:
Duane C. Montopoli, President and Chief Executive Officer Phone: 603-882-5191 Fax: 603-882-4125 Pennichuck
Corporation Announces Pennichuck Corporation is a holding company involved principally in the supply and distribution of potable water in southern and central New Hampshire through its three regulated water utilities. Its non-regulated, water-related activities include operations and maintenance contracts with municipalities and private entities in New Hampshire and Massachusetts. The Company's real estate operations are involved in the ownership, management and development of real estate in the greater Nashua, New Hampshire area. Pennichuck Corporation's common stock trades on the Nasdaq NMS under the symbol "PNNW". The Company's website is at www.pennichuck.com. This
news release contains certain forward-looking statements with respect
to the financial condition, results of operations and business of
Pennichuck Corporation. Forward-looking statements are based on current
information and expectations available to management at the time the
statements are made, and are subject to various factors, risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such forward-looking statements.
These factors include, but are not limited to, timing and results
of eminent domain proceedings before the New Hampshire Public Utilities
Commission, and the impact thereof on consolidated business operations;
timing and amount of regulated water utility rate relief; changes
in general economic conditions, legislation or regulation and accounting
factors affecting Pennichuck Corporation's financial condition and
results of operations; the timing and impact of acquisitions and new
service contracts; and the impact of weather. Investors are encouraged
to access Pennichuck Corporation's annual and quarterly periodic reports
filed with the Securities and Exchange Commission for financial and
business information regarding Pennichuck Corporation, including a
more detailed discussion of these and other risks and uncertainties
that could affect Pennichuck Corporation's forward-looking statements.
For Immediate Release: April 20, 2004 Contact: Donald L. Correll, President and CEO, 603-882-5191 PENNICHUCK
SUES CITY OF NASHUA FOR $5-6 MILLION NASHUA, N.H. - Citing blatant abuse of government authority, Pennichuck Corporation (NASDAQ: PNNW) today sued the city of Nashua for more than $5 million in damages. The suit filed in Hillsborough County Superior Court claims the city has abused its government power and deliberately deprived Pennichuck and its subsidiaries of their civil rights. The claims stem from nearly two years of threats and actions by the city to take the assets of Pennichuck by eminent domain, including assets well beyond the city's legal reach. Pennichuck, an investor-owned public water utility and New Hampshire's oldest continuously operating business, has provided water and related services to Nashua and area towns since 1852. The company is claiming that the city is abusing its eminent domain power in an attempt to:
"Pennichuck officers and directors have a legal obligation to protect the vested interests of our customers, employees and shareholders," said Donald L. Correll, Pennichuck president and chief executive officer. "We
cannot ignore the fact that Nashua's leaders have deliberately deprived
Pennichuck of our civil right to conduct business freely. And we cannot
ignore the fact that Nashua's leaders have caused and continue to
cause significant financial damages to Pennichuck." The legal filing claims $5 million to $6 million in financial losses comprised of:
Four of the six Pennichuck allegations against the city cite deprivation of civil rights under the U.S. and New Hampshire Constitutions. Pennichuck is accusing the city of:
Pennichuck shareholders may consider taking separate legal steps to recover $20 million to $30 million in lost share value due to the cessation of the merger, and $7 million to $8 million for the value of Pennichuck shares traded on November 20 and 21, 2003. Pennichuck's annual meeting of shareholders will take place on April 23rd in Nashua. The entire legal filing is available to the public on the Pennichuck Web site www.pennichuck.com (see Municipalization Update). About
Pennichuck Corporation Pennichuck Corporation is traded on the NASDAQ Stock Market under the symbol "PNNW."
For Immediate Release: April 8, 2004 Contact: Donald L. Correll, President and CEO, 603-882-5191
Pennichuck also asked the court, in an amended petition for declaratory judgment, for a permanent injunction against the city’s pursuit of its petition to the New Hampshire Public Utilities Commission (PUC) on the grounds it is unlawful. “We have asked the court to prohibit Nashua from proceeding with its PUC petition in order to stop the irreparable harm being done to Pennichuck and its subsidiaries that began fourteen months ago,” said Donald L. Correll, Pennichuck president and chief executive officer. “Given the magnitude of these issues, we have asked the court to expedite its consideration so as not to prolong the time and expense of additional legal proceedings before the PUC.” In seeking the injunctions, Pennichuck said the city’s attempt to take properties outside of Nashua is illegal under New Hampshire law, and that the continuation of the eminent domain process would result in additional significant loss of business to the company. The motion also noted that it is in the public interest to halt the PUC petition because serious questions of Nashua’s legal authority have been raised. Pennichuck’s February 4 petition for declaratory judgment seeks judicial review of and equal rights under New Hampshire law governing municipal takeover of utilities by eminent domain. The petition asks the court to intervene to end the limbo in which Pennichuck finds itself because of the city of Nashua’s failure to act for more than a year after a referendum vote purporting to authorize the city to pursue taking Pennichuck’s assets by eminent domain. The petition also cites the fact that Nashua’s behavior has caused and continues to cause substantial financial damage to Pennichuck, and is hindering the company’s ability to pursue new business opportunities. In the amended petition filed today, Pennichuck submitted new arguments based on the city’s March 25 petition to the PUC. Specifically, the company asks the court to issue a declaratory judgment that: the
city’s petition is unlawful because it seeks to take Pennichuck
property not needed to provide water service within Nashua; the
city has exceeded its legal and inherent municipal powers by seeking
to acquire property by eminent domain on behalf of a regional water
district that does not yet exist and would not have eminent domain
authority. # # # About
Pennichuck Corporation Pennichuck Corporation is traded on the NASDAQ Stock Market under the symbol "PNNW."
For Immediate Release: April 6, 2004 Contact: Donald L. Correll, President and CEO, 603-882-5191 PENNICHUCK
SUBSIDIARIES ASK FOR DISMISSAL NASHUA, N.H. - Pennichuck Corporation today announced that three of its subsidiaries filed a motion Monday with the New Hampshire Public Utilities Commission (PUC) to dismiss the city of Nashua's petition to take the companies by eminent domain. The motion, filed jointly by Pennichuck East Utility, Inc. (PEU), Pittsfield Aqueduct Company, Inc. (PAC) and Pennichuck Water Works, Inc. (PWW), asks the PUC to dismiss Nashua's petition because:
The motion states that PEU, PAC and PWW are separate legal entities, each with its own assets, service territories and corporate and legal history, yet the city included all three entities in a single petition to take all of their assets, ignoring their differences and the fact that PEU and PAC do not provide water to Nashua and own no property there. The motion requests that, at a minimum, the PUC should sever the petition into three separate dockets and leave open the possibility that the three proceedings will follow separate legal tracks. The motion claims the city's failure to comply with the PUC's rules resulted from a rush to file its petition with the PUC in an attempt to legitimize the public threats it has been making against Pennichuck Corporation, the parent company of PAC, PEU and PWW, since November 2002. The motion says the city's petition is merely intended to buy more time for the city to prepare its case, even though the city has been threatening to file its petition with the PUC since March 2003. The motion also states that the PUC cannot conduct a public interest analysis without knowing who will own and operate the water systems in the 22 communities served by PAC, PEU and PWW, and it is a near certainty that many of the municipalities involved would have a very different position on whether the taking should go forward at all if a regional water district is not formed and the ultimate owner was the city of Nashua. The motion alternatively asks the PUC to stay the proceeding until the New Hampshire Superior Court rules on a petition for declaratory judgment filed February 4 by Pennichuck Corporation. That petition seeks judicial review of and equal rights under New Hampshire law governing municipal takeover of utilities by eminent domain. "The city of Nashua failed to comply with Commission rules, and failed once again to provide a substantive plan. Its petition is just another incident in a series that began almost two years ago of interference and obstruction of our company's ability to conduct normal business operations and pursue our strategic growth initiatives," said Donald L. Correll, president and chief executive officer of Pennichuck Corporation.
For Immediate Release: March 26, 2004
Contact: Donald
L. Correll, President and CEO, Pennichuck Corporation, 603-882-5191
Pennichuck
Corporation Announces Receipt of City of Nashua's Nashua, N.H. – Pennichuck Corporation (NASDAQ: PNNW) today announced receipt of a copy of a "petition for valuation pursuant to RSA 38:9" filed March 24 with the New Hampshire Public Utilities Commission (PUC) by the city of Nashua. The petition asks the PUC to order a determination of the fair market value of the assets of Pennichuck's three regulated subsidiaries, Pennichuck Water Works, Inc., Pennichuck East Utilities, Inc., and Pittsfield Aqueduct Company, Inc., and to allow the city to acquire these entities. Donald L. Correll, Pennichuck president and chief executive officer, said, "This petition is another step in a process that began almost two years ago, with the city of Nashua threatening to take our assets by eminent domain. "Pennichuck will absolutely, unequivocally and aggressively defend the company and its 152-year operating history. We intend to take appropriate action in the best interests of our customers, employees and shareholders after we have studied and analyzed the petition," Correll said. Pennichuck Corporation is a holding company located in Nashua, New Hampshire with three wholly owned operating subsidiaries involved in regulated water supply and distribution in Nashua and towns throughout southern and central New Hampshire; non-regulated, water-related services conducted through Pennichuck Water Service Company; and real estate management and development activities conducted through The Southwood Corporation.
For Immediate Release: March 23, 2004 For More Information, Contact: Donald L. Correll, President and CEO, Pennichuck Corporation, 603-882-5191 Pennichuck
Acquires Water System in Lee; NASHUA, N.H. (March 23, 2004) -- Pennichuck Corporation (NASDAQ: PNNW) today announced the signing of a purchase and sale agreement to acquire the Thurston Woods water system in Lee. The company also announced signing service contracts to operate water systems at The Seasons in New London and Chisholm Farm in Stratham. "We are proud that these residential communities have selected Pennichuck as the most reliable locally owned professional water company to operate their water systems," said Bernie Rousseau, vice president of sales at Pennichuck. The Thurston Woods system serves a new subdivision of 34 single-family homes. Pennichuck will assume complete ownership and operation of the water system upon completion of the system infrastructure construction by the developer, Green and Company. The Seasons in New London consists of 64 homes on Lake Sunapee Country Club. Pennichuck is now contractually responsible to the homeowners association for the operation and maintenance of the community water system. In April, Pennichuck will assume responsibility for the operations and maintenance of the water system serving 34 new homes at Chisholm Farm in Stratham, developed by Katz Development Corp. For Immediate Release: March 14, 2003
For
More Information, Contact: Donald L. Correll, President and CEO,
Pennichuck Corporation, 603-882-5191
Steven Bolander Joins Pennichuck Board of Directors Nashua, N.H. – Pennichuck Corporation (NASDAQ: PNNW) today announced that Steven F. Bolander, dean of the Whittemore School of Business and Economics at the University of New Hampshire, has joined the company's board of directors. Bolander, of Dover, has more than 30 years of experience as an academic leader, business management consultant, author and researcher. He is a nationally recognized expert in the process manufacturing industry, having co-authored seven books, published more than 50 journal articles, and delivered scores of presentations on the subject. "Dean Bolander brings extraordinary leadership and insight to our board of directors," said Donald L. Correll, Pennichuck president and chief executive officer. "His extensive administrative and industry experience, along with a deep understanding of business management and information technology, will be important resources for our company to draw upon as we design and implement the business processes needed to support our growth strategy." Bolander has been responsible for the planning and operation of the Whittemore School since his appointment in 2000, and has led a major transformation and expansion of the school's academic programs and processes with a host of innovative programs. These include a Corporate Round Table and other business alliances that link master's candidates and undergraduates with top-level regional business executives. Previously, Bolander was chairman of the Department of Management at Colorado State University, where he had been a faculty member since 1972, with the exception of 1978 to 1981, when he was a program manager at Rockwell International/Rocky Flats. Since 1975, Bolander has consulted with or provided training for many Fortune-500 companies in production-inventory control fields. Bolander began his academic career in 1967 as associate professor at Baldwin-Wallace College. Bolander is a member of the American Production and Inventory Control Society (APICS) and the National Association of Purchasing Managers. Pennichuck Corporation is a holding company located in Nashua, New Hampshire with three wholly owned operating subsidiaries involved in regulated water supply and distribution in Nashua and towns throughout southern and central New Hampshire; non-regulated, water-related services conducted through Pennichuck Water Service Company; and real estate management and development activities conducted through The Southwood Corporation.
For
Immediate Release:
March 8, 2004
PENNICHUCK ANNOUNCES EXECUTIVE PROMOTIONS NASHUA, N.H. - Donald L. Correll, president and chief executive officer of Pennichuck Corporation (NASDAQ: PNNW), today announced the promotions of Stephen J. Densberger to president of Pennichuck Water Service Corporation and Donald L. Ware to senior vice president, operations, and chief engineer of Pennichuck Water Works, Inc. "Pennichuck customers, employees and shareholders are truly fortunate to have two such outstanding business executives as Steve Densberger and Don Ware in key leadership positions. Their combined 40 years of service to the company and the community exemplify the tremendous talent and depth of our management team. Their promotions reflect Pennichuck's continuing commitment to provide quality water and reliable services to our customers while building a strategic platform for the resurgent growth of our business," Correll said. Densberger has held several senior management positions since joining Pennichuck in 1974, including vice president and treasurer, and is currently executive vice president of Pennichuck Corporation, a position he will continue to hold. He also serves as chairman of the company's water utilities operating committee. In his new role as president of the non-regulated water service subsidiary, he will be responsible for planning and implementing Pennichuck's strategic growth initiatives. Densberger is a member on the New Hampshire Department Environmental Services Water Council and a Trustee of the American Water Works Management Division. He is a past president and director of the New Hampshire Water Works Association and the New England Water Works Association, and also a past director of the National Association of Water Utilities. A resident of Nashua, he has served the city on the Board of Aldermen, Planning Commission, Housing Task Force and Board of Assessors, and is a former president of the Rotary Club of Nashua West. Densberger earned his master's degree in business administration from the Whittemore School of Business and Economics at the University of New Hampshire, and his bachelor's degree from Assumption College. Ware joined Pennichuck as chief engineer in 1995. As senior vice president, operations, and chief engineer of Pennichuck Water Works, he will be responsible for the overall operations of the water utilities company, including water quality and supply, distribution, engineering, system upgrades and security. Previously, Ware was general manager of the Augusta, Maine, Water District for nine years. He is a member of both the New England Water Works Association and the New Hampshire Water Works Association. A resident of Merrimack, Ware is a licensed Professional Engineer in New Hampshire and also has his Class IV Water Treatment and Distribution License. He earned his bachelor's degree in civil engineering from Bucknell University, and his master's degree in business administration from the Whittemore School of Business and Economics at the University of New Hampshire. About
Pennichuck:
For
Immediate Release: February 4, 2004
NASHUA, N.H. – Pennichuck Corporation (NASDAQ: PNNW) today announced it has filed a petition for declaratory judgment in Hillsborough County Superior Court that seeks judicial review of and equal rights under New Hampshire law governing municipal takeover of utilities by eminent domain. The petition asks the court to intervene to end the limbo in which Pennichuck finds itself because of the city of Nashua’s failure to act for more than a year after a referendum vote purporting to authorize the city to pursue taking Pennichuck’s assets by eminent domain.The petition also cites the fact that Nashua’s behavior has caused and continues to cause substantial financial damage to Pennichuck, and is hindering the company’s ability to pursue new business opportunities. The petition states that Nashua has neither filed any petition for eminent domain at the Public Utilities Commission (PUC), nor said publicly that it has abandoned that intention. As a result, Pennichuck has been unable to pursue aggressively opportunities for the purchase and operation of other water systems in New Hampshire, and the company continues daily to incur substantial expenses associated with the threatened taking of its assets. “In effect, the city of Nashua has attempted to reap the control benefits of the eminent domain law without assuming any of the financial and operational obligations,” said Donald L. Correll, Pennichuck president and chief executive officer. “We are now asking the court to issue a declaratory judgment in our favor that will allow us to protect the rights and interests of our customers, shareholders and employees, and to plan for the future growth of our business.” In its petition, Pennichuck is asking the court to consider the following four counts:
The
petition asks the court to expedite its judgment, given the magnitude
of the matters at stake.
# # # About Pennichuck Corporation Pennichuck Corporation is a holding company located in Nashua, New Hampshire with three wholly owned operating subsidiaries involved in regulated water supply and distribution in Nashua and towns throughout southern and central New Hampshire; non-regulated, water-related services conducted through Pennichuck Water Service Company; and real estate management and development activities conducted through The Southwood Corporation. Pennichuck Corporation is traded on the NASDAQ Stock Market under the symbol “PNNW.” For
Immediate Release: Michelle
Chicoine Joins Pennichuck Board of Directors NASHUA,
N.H. (January 29, 2004) -- Pennichuck Corporation (NASDAQ: PNNW) today
announced that Michelle L. Chicoine, of Bedford, has joined the company’s
board of directors. Ms.
Chicoine, who is chief financial officer at St. Paul’s School in Concord,
brings to the Pennichuck board more than 25 years of business and financial
management experience in public accounting, real estate development, construction,
energy and education. Prior to joining St. Paul's School in 2001, Ms. Chicoine was executive-vice president of EnergyNorth, where she was responsible for all strategic, administrative and operational functions of the company's natural gas and propane subsidiaries, and was a member of its board of directors. She also served as president and chief operating officer of EnergyNorth Natural Gas and as vice chairman and chief executive officer of EnergyNorth Propane. .“Michelle
brings extraordinary business acumen and insight to the Pennichuck board.
Her extensive experience in finance and operations, combined with her
background in the utilities and real estate industries, will greatly benefit
Pennichuck as we move forward to achieve our strategic goals,” said Donald
L. Correll, president and chief executive officer of Pennichuck. Ms. Chicoine is also a trustee of the University System of New Hampshire, and was elected as the first woman and youngest chairman of the New Hampshire Society of Certified Public Accountants and The Greater Manchester Family YMCA, where she received recognition as “volunteer of the year,” the highest award given to a non-YMCA employee. A 1977 graduate of the University of Rhode Island, Ms. Chicoine began her career as manager of small and emerging business at Deloitte & Touche, and earned New Hampshire certification as a certified public accountant in 1979. She later served as corporate controller for the Harvey Construction Company in Bedford, and from 1986 to 1990 was chief financial officer at Tamposi Family Enterprises, a real estate development company in Nashua. Pennichuck
Corporation is a holding company located in Nashua, New Hampshire with
three wholly owned operating subsidiaries involved in regulated water
supply and distribution in Nashua and towns throughout southern and central
New Hampshire; non-regulated, water-related services conducted through
Pennichuck Water Service Company; and real estate management and development
activities conducted through The Southwood Corporation. Pennichuck
Corporation is traded on the NASDAQ Stock Market under the symbol “PNNW.” For
Immediate Release: PENNICHUCK
TO ACQUIRE WATER SYSTEMS IN BOW AND WINDHAM NASHUA, N.H.
-- Pennichuck Corporation (NASDAQ:PNNW) today announced the signing of
purchase and sales agreements to acquire community water systems in Bow
and Windham, New Hampshire. White Rock
Senior Living Community in Bow serves about 400 people in a residential
community setting. “We are very pleased that the town of Bow has recognized
Pennichuck as one of the best professional water companies to own and
operate this system,” said Bernie Rousseau, vice president of sales for
Pennichuck. With the acquisition of Lamplighter Village, a residential community serving about 200 customers, Pennichuck will own and operate six water systems in Windham, serving more than 1,800 customers. Pennichuck will assume complete ownership of the two systems upon completion of the water system construction. 19 New
Water Service Contracts Pennichuck is the certified operator for a variety of customers including several schools, day care centers, businesses, condominium associations, health care centers and residential communities. Many such organizations have turned to Pennichuck water services because drinking water standards have become more regulated, making compliance an increasingly complicated and costly proposition. “The Wright Farm Condominium Association is pleased to be working with Pennichuck as our certified operator. Pennichuck has been very responsive and provides professional service,” said Daniel Thorn, a member of the Wright Farm Master Board in Atkinson. Certified by the New Hampshire Department of Environmental Service (NHDES) and Massachusetts Department of Environmental Protection, Pennichuck offers monthly service contracts that include certification, regular sample collecting, laboratory testing, and reporting, as well as monitoring wellhead pumps, motors, electrical equipment, piping and metering. The company also provides professional expertise for handling water quality and treatment solutions, system improvements and repairs, Phase 2 and Phase 5 waivers, and funding applications. “If one of our systems has an emergency, our skilled help responds 24 hours a day, 7 days a week,” said Rousseau. “The expansion of our services in communities throughout New Hampshire is a sign that our customers recognize Pennichuck’s commitment to quality, affordable service.” Pennichuck Corporation is a holding company located in Nashua, New Hampshire with three wholly owned operating subsidiaries involved in regulated water supply and distribution in Nashua and towns throughout southern and central New Hampshire; non-regulated, water-related services conducted through Pennichuck Water Service Company; and real estate management and development activities conducted through The Southwood Corporation. Pennichuck Corporation is traded on the NASDAQ Stock Market under the symbol “PNNW.” For
Immediate Release: PENNICHUCK
CORPORATION RESPONDS TO CITY OF NASHUA OFFER (Nashua,
N.H.) -- Donald Correll, President and Chief Executive Officer of Pennichuck
Corporation, announced today that the Company has received a written offer
from the City of Nashua to purchase all assets of Pennichuck Corporation
and subsidiaries for $121 million in cash.
He noted that the letter provides that in the event the offer was
not accepted, the City will pursue the condemnation of the Company’s water
utility assets through an eminent domain proceeding before the New Hampshire
Public Utilities Commission.Mr. Correll stated that the Company and the
City of Nashua had been negotiating in confidence over the recent several
month period to reach agreement with respect to the City’s desire to acquire
some or all of the Company’s water utility assets.He further stated that
the Company’s Board of Directors, in consultation with its financial,
tax and legal advisors, would duly consider whether the offer is in the
best interests of the Company’s shareholders and employees.The City announced
that it had delivered its written offer to the Company at its press conference
held on Thursday, November 20, 2003. Pennichuck Corporation is a holding company located in Nashua, New Hampshire with three wholly-owned operating subsidiaries involved in regulated water supply and distribution in Nashua and towns throughout southern and central New Hampshire; non-regulated, water-related services conducted through Pennichuck Water Service Company; and real estate management and development activities conducted through The Southwood Corporation. Pennichuck Corporation is traded on the Nasdaq NMS exchange under the symbol “PNNW”. For
Immediate Release: PENNICHUCK
CORPORATION NAMES DON CORRELL AS PRESIDENT AND CEO Nashua,
N.H. – Pennichuck Corporation (NASDAQ: PNNW) today announced that Donald
L. Correll has been named President and CEO, and elected a Director of
the Company. Mr. Correll
replaces Dr. John R. Kreick as CEO.
Dr. Kreick has served as Chairman and CEO since April 2, 2003 and
will continue to serve as Director and Chairman of the Board of Pennichuck. Mr.
Correll served from 1991 to 2001 as Chairman, CEO, and President of United
Water Resources, one of the largest investor owned water utilities in
the U.S. Under his leadership, United Water grew from a regional water
utility to a national leader in providing water and wastewater services
to a population of 9 million, with operations and investments in 19 states
and in Mexico, Canada and the U.K. During this period, United Water’s
revenues increased from $150 million to $500 million and the market capitalization
grew from $400 million to $1.8 billion. Mr. Correll remained as Chairman
until 2001, following the sale of the company to Suez. Since then, he
has served as an advisor to numerous water service and investment firms,
examining various business, acquisition and investment opportunities in
the water and services sectors. Dr.
Kreick stated, “Pennichuck is fortunate to add an executive with Don’s
experience and proven track record in the water industry.
I would like to thank the Board’s search committee of Hannah McCarthy,
Martha O’Neil, and Charlie Clough for the professional job they have done.” Mr.
Correll stated, “ I am impressed with Pennichuck’s long tradition of providing
service to its customers and the community. I look forward to working
with the Board and the employees to examine the various strategic options
available to build upon this 150 year record.” Mr.
Correll joined United Water as Treasurer in 1976, when the company was
known as Hackensack Water Company. He
became Senior Vice President and CFO in 1983, before becoming Chairman,
CEO, and President. He currently serves as a Director of Interchange Financial
Services Corporation, a Commissioner of the New Jersey Water Supply Authority,
and a member of the Board of Advisors of Underground Solutions, Inc.
Mr. Correll received his Bachelor of Science from The Pennsylvania
State University and his MBA from New York University Graduate School
of Business. Pennichuck
Corporation is a holding company headquartered in Nashua, NH.
Pennichuck’s operating subsidiaries provide water utility service
to more than 100,000 people in southern and central New Hampshire.
The Company also operates a real estate subsidiary and a service
company that provides contract operation and maintenance services to more
than 60 private water systems.
For
Immediate Release: Pennichuck Water Works Inc. - Promotion Pennichuck
Water Works, Inc. recently announced the promotion of Marco Philippon
to the position of Distribution Manager. Mr.
Philippon joined the Company in April 1998 as a Water Supply Engineer
and was promoted to Assistant Distribution Manager Construction/Maintenance
December 31, 1998. Mr.
Philippon has over 15 years experience in the water works field.
Prior to joining Pennichuck, Mr. Philippon was employed by Consumers
New Hampshire Water Company as the Engineering & Business Development
Coordinator. Mr.
Philippon is pursuing a Bachelors Degree in Civil Engineering from the
University of Massachusetts - Lowell.
He recently attained his Grade IV Water Works Distribution Certification
from the State of New Hampshire.
He also holds a Grade II Water Treatment Certification. Mr.
Philippon resides in Allenstown with his wife and their two sons. For
Immediate Release: PITTSFIELD AQUEDUCT CO., INC. TO FILE FOR RATE INCREASE Stephen J. Densberger, President of Pittsfield Aqueduct Co., Inc. announced recently that the Company intends to file with the New Hampshire Public Utilities Commission for an increase in revenue of approximately 22% for its water system serving customers in the Town of Pittsfield. Densberger stated “the primary reason for this request is due to the significant capital improvements that Pittsfield Aqueduct has made in water treatment improvements, replacement of aging infrastructure, investment in technological improvements, and to offset increased costs for property taxes, labor, energy and chemicals. Densberger added that “the Company has made major improvements to the quality of service and the rates continue to be very reasonable”. If the rate increase is approved by the New Hampshire Public Utilities Commission, residents may see their bill increase by approximately $80 per year. Pittsfield intends to file for the revenue increase in June and it expects that the New Hampshire Public Utilities Commission will hold hearings later this year.
For
Immediate Release: Nashua
Voters Approve Referendum Regarding Municipalization of Pennichuck Pennichuck Corporation (Nasdaq: PNNW) announced today that on January 14, 2003, the voters of the City of Nashua passed a referendum, by a vote of 6,525 to 1,867, authorizing the City to acquire, through an eminent domain taking or otherwise, some or all of the Pennichuck water works system serving inhabitants of the City and others. Pursuant
to The
referendum does not, however, compel the City to pursue an eminent domain
proceeding, and there can be no assurance that the City of Maurice
Arel, Pennichuck’s President and Chief Executive Officer, stated that
Pennichuck is disappointed with the outcome of the referendum, noting
that the Pennichuck directors unanimously believe that an acquisition
of the Pennichuck water works system by the City of ·
The amount of compensation that would have to be paid to
Pennichuck if the City of ·
Pennichuck and its shareholders (either directly or indirectly)
would likely experience adverse income tax consequences if the City of
· There is a substantial risk that those adverse tax consequences would adversely affect the value that Pennichuck shareholders ultimately would receive for their stake in Pennichuck if the City of Nashua (or a regional water authority) acquires the Pennichuck water works system; · In an eminent domain scenario, the City of Nashua (or a regional water authority) would not be bound to proceed with the acquisition of the Pennichuck water works system until the final terms were approved by the Board of Aldermen (or other governing body) and the City (or regional water authority) issued bonds or obtained other financing to fund the acquisition; and ·
Operation of a municipal utility by the City of
Pennichuck
and Philadelphia Suburban Corporation (“PSC”) intend to evaluate fully
how this development affects the PSC proposed acquisition of Pennichuck
under the |